Portland Maine Market Report

Home Sales Statistics & Results - Monthly Update

Portland, Maine’s largest market for both single family homes and condos, saw its second consecutive decline in sales. While 2017 was the first decline since 2012, 2018 numbers didn't stray far behind, with a decrease of only .5% in single family units, and 2.2% in condos.

The median selling price of $316,250 represented an increase of 10.4%, consistent with the results for most of Maine and represented the highest price ever recorded in in Portland. 2018 was also the eighth consecutive year of increasing median selling prices.

The charts below include up-to-date 2019 monthly sales and a review of the complete years 2018 and 2017 for all types of properties.

2019 Sales: YTD Results Through January

PropType

Median Prices YTD2019 | 2018

Unit Sales YTD2019 | 2018

% ofList Price

DOM

Homes

$282,950

$315,00

22

37

97.59%

30

Condos

$311,200

$317,500

18

26

100%

39

All housing data has been compiled from research by Maine Home Connection using information from the Maine Real Estate Information System (MREIS).

2018 Portland Real Estate Sales & Prices

PropType

# ofUnits

Sold PriceMedian | Average

Days on MktMed | Avg

% ofList

$/Sq Foot

Homes

526

$316,250

$362,976

8

28

97.4

$199

Condos

387

$330,000

$379,331

13

48

98.5

$333

Multi

143

$527,500

$570,379

9

30

961

$177

Land

23

$115,000

$199,261

39

121

92.0

NA

Following last years all time high of 395 condo units sold, sales marginally declined 2.8% down to 387. The median pricing however, increased by 11%.

In many ways new construction, often at a high price-point, is creating a new market dynamic, especially as more units are completed.

2017 Portland Real Estate Sales & Prices

PropType

# ofUnits

Sold PriceMedian | Average

Days on MktMed | Avg

% ofList

$/Sq Foot

Homes

529

$286,000

$333,336

11

34

99.2

$212

Condos

395

$297,500

$358.,057

19

63

99.8

$342

Multi

155

$460,000

$458,213

10

37

98.9

$170

Land

24

$120,000

$152,563

158

245

92.4

NA

Statewide Results:

For the fourth consecutive year, Maine home
sales set a new record in 2018 as 17,983 single family homes were sold,
representing an increase of 1.0% over 2017 when total volume was 17,810

The YTD (Year-to-Date) median single-family
price of $215,000 represented a 7.5% increase over 2017. Overall, pricing was up in 13 of Maine’s 16
counties, and remained consistent in two. The highest single month was May at $244,839,
followed by April and then March.

Each month of 2018 was higher than 2017.
Between 2007 and 2011 median prices declined each year, reaching their lowest
level in 2011 at $165,000. From 2012 onward, pricing has increased ever year,
with one exception - 2014.